Bayer CropScience to sell Thane land for Rs 260 cr

Bayer CropScience, engaged in agrochemical business, said it has signed an agreement to sell 100 acre of land to Agile Real Estate for Rs 260 crore.

The shareholders had already given its nod through postal ballot to sell its land located at Kolsher Road, Balkum Village in Thane, Bayer CropScience said in a filing to the Bombay Stock Exchange (BSE).

Prior to that, the board of directors had also approved the proposal to sell the land at its meetings held last year, it said.

The completion of the agreement is subject to approvals and permissions from the government and statutory agencies, it said.
The company has received an earnest amount of Rs 260 crore for this exclusive arrangement.

The transfer, sale and possession of the said Thane property would be completed at a future date, subject to relevant approvals and permissions from the required authorities as may be deemed necessary.

The company would make additional appropriate disclosures as and when definitive material events in the process take place, it said.

Shares of the company closed at Rs 916.65, up 1.64% from the previous close on the BSE.